Why does it not take long for money to be taken out of my account, but if I’m getting money from PayPal or something similar, it takes days to process?
The way it works is like this. When you make a bill payment or a purchase, let's say the money is going to Apple, the funds are taken from your account and put in the Apple account at your bank where they are kept until they are processed. These funds are then sent in a big chunk to Apple at some…
The Short Answer
The way it works is like this. When you make a bill payment or a purchase, let's say the money is going to Apple, the funds are taken from your account and put in the Apple account at your bank where they are kept until they are processed. These funds are then sent in a big chunk to Apple at some predetermined time every so many days. The bank says "Hey Apple, John Smith, Jane Doe, and Steve have all paid you 75$. Here is 225$." When people pay you money, say PayPal, it is all sorted by institution and they contact your bank at the predetermined time every so many days and say "Hey Bank, put this much money in Steve's and John's accounts. Here's 100$." So in this case, you have to wait for the predetermined day for PayPal to make its next shipment of funds to your bank whereas in the first example your bank took your funds right away and sent it to Apple at a later date. Money always leaves an account instantly and arrives after a delay. Source: I used to work for a bank.
Analysis
Key Concepts: Bank, apple, money
This explanation focuses on bank, apple, money and spans 188 words across 8 sentences. At 161% above the average Society explanation (72 words), this is one of the more thorough answers in this category, reflecting the complexity of the underlying question.
What This Answer Covers
The explanation opens with: “The way it works is like this.” It then elaboratesultimately building toward a complete picture across 8 connected points.
How This Compares in Society
Ranked #2 of 500 Society questions by answer depth (top 1%). This places it in the comprehensive tier — the top quarter of most thoroughly answered questions. Questions at this depth typically involve multi-faceted topics requiring nuanced explanation.
Frequently Asked Questions
Is there a simple explanation for why it not take long for money to be taken out of my account, but if i'm getting money from paypal or something similar, it takes days to process?
The way it works is like this. When you make a bill payment or a purchase, let's say the money is going to Apple, the funds are taken from your account and put in the Apple account at your bank where they are kept until they are processed. These…
How detailed is this explanation compared to similar Society questions?
This is one of the most thorough answer at 188 words, ranked #2 of 500 Society questions by depth. The key concepts covered are bank, apple, money.
What approach does this answer take to explain it not take long for money to be taken out of my account, bu?
The explanation uses concrete examples across 188 words. It is categorized under Society and addresses the question through 1 analytical lens.